Tuesday 7/22/08 ... At A Glance

By: Matthew Graham • Tue, Jul 22 2008, 7:05 AM

Here's those tape bombs!
Fed's Plosser says rate hike needed, bank after bank with (expletive deleted) earnings.
MBS given back most of their gains from yesterday afternoon
6.0's at 99-11, 6.5's at 101-22
light data today
TIPS auction at 1pm EST
Should be an interesting day
LOCK / FLOAT : If you have rates now, locking is not a bad call, but technical indicators point to a positive day.
VIGILANCE: High. We'll have to watch the rest of the morning carefully to see if market momentum can shrug off the headlines.